Amazon CEO Jeff Bezos launches a $2 billion philanthropic fund

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Inc Chief Executive Officer Jeff Bezos on Thursday launched Bezos Day One Fund, a new philanthropic initiative, with an initial commitment of $2 billion to help homeless families and create preschools for low-income communities.

Bezos is the world's richest person, with an estimated worth of $164 billion.

Bezos's personal wealth has soared with the value of Amazon, whose stock price has doubled over the past year with its expansion into new sectors and geographies. "September is Childhood Cancer Awareness month", he wrote saying Amazon employees around the globe will be wearing pjs to work to show their solidarity and support to children suffering from the deadly disease.

It's not yet known what his preschools will look like except that they will be based on the teaching philosophy of Maria Montessori, which focuses on play-based learning that caters to individuality and social-emotional development.

The Bezos cash injection follows the philanthropic efforts of other billionaires including Microsoft's Bill Gates, who has donated tens of billions to his foundation. The following week, Bezos will speak at the Air Force Association conference in National Harbor, an appearance tied to his rocket company, Blue Origin.

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Amazon CEO Jeff Bezos is giving billions to a fund that will focus on helping homeless families and creating preschools for low-income communities. City leaders quickly rescinded the levy.

Amazon has a history of supporting homeless programs in Seattle. The vision statement comes from the inspiring Mary's Place in Seattle: no child sleeps outside.

In addition to millions in cash, both non-profits have been granted prime real estate in Amazon building spaces to do their work.

Last year Bezos solicited advice from the public via Twitter, asking how he could best use his wealth to help people "right now". In January, Bezos also personally gave $33 million United States in college scholarships for young immigrants living in the USA illegally.

Gates has also, with billionaire investor Warren Buffett, encouraged wealthy individuals to pledge half their fortunes to worthy causes.

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